RCOM stock price surges after SC order on spectrum trading deal

The Supreme Court on Friday ordered the Department of Telecommunications to grant a no-objection certificate to Reliance Communications's (RCOM) spectrum trading deal within seven days.

The apex court upheld the earlier order of the Telecom Disputes Settlement and Appellate Tribunal (TDSAT), and no bank guarantee is now required, RCOM said in a statement.

"RCOM's 100 per cent subsidiary, Reliance Realty Ltd, will submit a Corporate Guarantee of Rs 1,400 crore within two days," an RCOM spokesperson said in a statement.

"The spectrum trading transaction will now be completed and RCOM will pay-off Ericsson and minority investors of Reliance Infratel Limited (RITL). RCOM's asset monetization program thus proceeds as per plans."

Shares of RCOM on the BSE rose by Rs 1.52 or 11.92 per cent to Rs 14.27 on Friday.

(With inputs from agencies.)